Ryan Specialty Group (RYAN) PT Lowered to $63 at Goldman Sachs

Goldman Sachs analyst Robert Cox lowered the price target on Ryan Specialty Group (NYSE: RYAN) to $63.00 (from $71.00) while maintaining a Buy rating.

The analyst comments "RYAN 3Q25 adjusted EPS of $0.47 beat Visible Alpha Consensus Data of $0.46 and was in-line with GSe of $0.47. The EPS beat was driven by stronger organic growth (15.0% vs 10.4% VA Cons) while Adj. EBITDAC margins were 50bps lighter than expected (32.1% vs 31.7% VA Cons). RYAN introduced a host of new/updated guidance including 1) 2026 organic growth of double-digits, 2) 2025 organic growth of double-digits (9-11% prev.), and 3) lower adj. EBITDAC margin expectations broadly given increased investments in talent and technology, including our interpretation of flattish margins through 2026 and the stated removal of the previously outlined 35.0% margin by 2027. We ultimately think investing in future growth is a favorable trade off and double-digit organic growth guidance through 2026 (which appears to take into account a continuation of weak property conditions) is solidly better than investors have begun to fear in light of ongoing soft market concerns. We expect a positive reaction to results as organic growth guidance outweighs weaker margin guidance and a stock price that has gotten ahead of downwards earnings revisions. We decrease our 2025-2027 EPS estimate by -2%/-7%/-8% to $1.98/$2.30/$2.71, we remain Buy rated on RYAN and decrease our 12 month forward target price by $8 (11%) to $63, reflecting a 25% total return opportunity."

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